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大行評級|大摩:香港銀行股中匯豐及渣打定位較恒生銀行及中銀香港為優
大摩發表報吿指,在美聯儲降息50基點後,匯豐銀行宣佈將最優惠利率和活期儲蓄存款利率下調25基點。其他銀行亦相繼跟隨。這符合該行看法,即最優惠利率和儲蓄利率的下降速度將為美聯儲降息速度的一半。該行假設美國在明年底前會再降息約150基點。在利率下降的環境下,香港銀行的關鍵在於較佳的貸款或費用收入成長、信貸風險下降、成本控制及資本風險能在多大程度上幫助抵銷淨息差對股本回報率(RoE)的壓力。該行指出,若RoE能持續接近大摩預測水平,則該等銀行總股東報酬率(TSR)應可維持雙位數水平。該行認為匯豐控股及渣打集團定位較恒生銀行及中銀香港為優。
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